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12.75 to sell!
city financial is hokum.
just a tree shake.
it would cost me 12.875 to buy at the moment. min. shake a tree time......
this is just a few panic selling at the drop.
iirc they had 10.5million left
Sounds like you may be spot on with that. Just love the way administrators take a hefty fee and then dump assets at next to nothing, nice work if you can get it.
Funnily enough you may have solved a mystery there. First got in here in single figures and later that day got passed on the M1 by a van carrying the letters GMS in 2 foot high letters on the side.
Wondered if it was a sign from above but now you mention Del boy it occurs to me the van was a very familiar shade of yellow.......
Remember these guys had 11.5m shares I posted about this more than 1 month ago.
We saw a massive trade of just under 3m go though but it still left them with 8.5m shares.
I expected some of that is being dumped on the market at a silly price of 11p or 10p. Wait for for a big sell later today.
Since mid last year there have been numerous new contracts with possibility of extending those contracts.
There has been an increase in "green" projects with windfarms, the Seafox company sold 51% of a large vessel not to long ago and bought into GMS at 18p and hold 13.8% irrc.
The vessel is in a long term contract in the north sea on a windfarm.
The is increased windfarm work in the gulf region is from the UAE not Saudi iirc.
That accounts for 28% of work in the gulf region looking forward.
Best to have look on the website. That link was at the top in the first post I did today.
I was wondering if GFD is ok? perhaps he is posting on another board?
He’s on his holiday in Peckham visiting Dell boy....
Starting to miss GFD also, pretty much on here daily since December.
Odd goings on here SP drop on no volume and in auction with no quotes to buy or sell for last 30 mins.
Sorry I made a mistake, the mid and large vessels are most utilised.
http://www.gmsuae.com/
There are 13 vessels the most notable named vessel being "kamakazi".
There called barges as far as I am aware, they fall in to 3 categories, small, mid and large.
They small and mid sizes are carrying the most workload as far as I am aware, there is the possibility of new contracts, the small vessels being the most underutilised.
Normally the vessel is "worked" and the contracts fit the vessel. So its vessel dependant. The best way to check and gauge for yourself is to look back on the RNS and look for "new contract announcements".
The SP is taking a tumble this morning.
I can see SEAFOX buying more and offering 18p again.
That or an announcement from the new Chair buying in.
Does anyone know the number and size of vessels not currently in use, and could they announce a new contract at any time or is there usually a particular time of year for that?
I see. Thanks for explaining.
Timmy no they can't; generally the rate agreed at the start of the contract is the rate throughout and that can be an issue especially in the current climate. Essentially, in order to get work at the moment companies have to be very competitive resulting in very narrow margins. The dichotomy is that if 6 months into an 18 month charter, OPEX increases (wages and other costs etc have to increase as the market is recovering and the 'supply chain; reacts), then a company could finish the rest of the charter operating at a loss. Precisely why the need to generate revenue 'now' must be balanced against getting locked into low rates for any length of time.
I don't fully understand day rates. Can they be changed by GMS at any time depending on factors? I originally thought a set amount was agreed on for the entire charter contract and that was that until the contract ended.
Si547, top man perfect explanation thank you sooo much
Guys, the driver of day rates is directly impacted by the availability of rigs; straight forward supply and demand. Having said that, the availability of rigs is driven by the oil price; the higher the price of oil then NOC, IOCs etc increase their spending to get it out of the ground. Each region has a different break even point that it needs to extract oil; in the Middle East, shallow water etc makes it less costly to extract so they make a profit at a lower oil price than in the North Sea for example. As a result, the downturn hit the Middle East later than the North Sea and will also recover before the North Sea. Due to the downturn, the biggest impact was in CAPEX spending (eg. exploration); OPEX (keeping oil flowing & maintenance) was reduced but they kept the lights on. The significant thing about GMS is that the majority of their work is in the OPEX sector so that bodes well especially in the ME (where the bulk of their fleet is) as both KSA and the UAE have committed to increase their output which means money being spent to open the taps and increase output.
$70 a barrel now
Dont forget.
I have seen employees who are non investor types sell their shares they get as "bonuses" to boost wages.
Dont be surprised if there is slightly increased selling after some of the shares are awarded.
The oil price I mentioned Look at Jan 16 with the oil and July 16 with GMS.
The dip in Jun17 (oil) to the dip in Aug 17 (GMS)
From Sept 18 to dec 18.
I do agree with GFD, the day rates are not the employees faults and there share bonuses are more than probably well deserved. Just dont be surprised if a few get sold. Some are not going to be investors. They are a different breed.
So the higher the oil the better the day rates therefore more profit....... oil is improving or going up
Just my opinion.
The whole markets was under pressure (general market trend)since Aug/Sept last year until xmas.
Most shares took a tumble. GMS too. (forget loans) That was oil price related imho.
If oil was at 140 a barrel and predicted to be at over 100 for the foreseeable future (as was the case a few years ago) the workload, order book the day rates would be at a level that gives 220 Million+turnover.
IMHO I know others will say the works there anyway, but shortage of vessels and staff globally increases the day rates, The increase in oil price will increase day rates (albeit delayed) imho this will lead to increased turnover and thus profitability. That's why I reckon 30's to 40's is not unreasonable if the fear factor is removed.
That’s reassuring Pbody, the fact Seafox bought in at 18p bodes well as they saw huge value at that price. Pardon my ignorance but just explain to me how the oil price has an impact on the SP please .........
Today, after your message Ned, I had a good look online trying to gauge the "internet" feel for GMS.
Nearly everything indicator out there says sell.
I am not sure if this because they are not updated and from earlier in the year or whatever reason. Most tried to sell you something else.
However anyone looking up GMS would probably not invest or think of selling. Fear being the driving factor probably.
The fact there isn't massive selling shows you the investors have faith. New investors would have to look beyond those indicators...